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Real Estate Briefing 12.Dec 2012

Posted on 12 December 2012 by Laxman |  Email |Print

The Canadian housing market appears to have achieved “a soft landing” so far with sales cooler but still fairly steady along with prices, Scotiabank says. Nationally, sales in October were down about 10 per cent from the spring, but only marginally below the average pace of the past decade, said the report Tuesday by Scotiabank economist Adrienne Warren.
Warren noted the moderation mirrors a modest softening in the job market over the summer and follows repeated warnings to Canadians to be careful about the amount of money they borrow………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Demographic trends built up our housing market, and now they’re going to start pulling it apart. Prepare yourselves, buyers and sellers. The years ahead for housing will look nothing like the last decade.
A report issued by Pacifica Partners Capital Management in B.C., describes the housing market as we know it today as a product of a wave of buying by baby boomers in their peak earning years. Now, as they start entering retirement, boomers aren’t buying houses any more and the younger generation isn’t large enough to pick up the slack………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Demographic trends built up our housing market, and now they’re going to start pulling it apart. Prepare yourselves, buyers and sellers. The years ahead for housing will look nothing like the last decade.
A report issued by Pacifica Partners Capital Management in B.C., describes the housing market as we know it today as a product of a wave of buying by baby boomers in their peak earning years. Now, as they start entering retirement, boomers aren’t buying houses any more and the younger generation isn’t large enough to pick up the slack………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Housing activity in the United States is gearing up while Canada’s residential real estate market appears to be in for a soft landing, Bank of Nova Scotia economist Adrienne Warren says in a new research note.
While average prices in the U.S. are still about 30 per cent lower than their 2005 peak, the long road to recovery has begun. Real home prices in the third quarter were 5 per cent higher than a year ago, an acceleration from the 3-per-cent advance in the prior quarter, Ms. Warren noted………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Real-estate Website Zillow Inc. (Z) said Tuesday its real-time rate on 30-year fixed mortgages edged higher after hitting a new record low a week earlier. Zillow said the 30-year fixed mortgage rate on its Mortgage Marketplace, which tracks mortgages on the real-estate company’s Website, was 3.17%, up slightly from 3.16%. The Mortgage Marketplace, which launched in April 2008, has been on the decline for much of the year.
“Rates rose slightly after a stronger-than-expected jobs report Friday, but the boost was short-lived and rates returned to the same low levels as the past few weeks,” said Erin Lantz, director of Zillow Mortgage Marketplace………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Who is helping the U.S. for-sale housing market recover these days? A good many Americans, of course. But to get a more balanced picture, look outside the U.S. Foreign nationals accounted for $82.5 billion, or 8.9%, of the $928 billion spent on U.S. residential real estate from April 2011 through March 2012, according a June survey from the National Association of Realtors.
That was up 24% from $66.4 billion the previous year. More than 50% of sales over the past year occurred in just five states: Florida, California, Texas, Arizona and New York. Canadians have also been buying in the Midwest, including Chicago………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

The Mexican real estate market is coming back following a lull caused by the recession, and the lawyers we spoke to have been very busy over the past year. Several commented on the increased amount of commercial work linked to the real estate sector as well as a growing number of development projects. We identify 29 superb practitioners who are considered experts in real estate and construction.
Creel García-Cuéllar Aiza y Enríquez SC has a “very strong” real estate practice and is one of the leading firms in this market. It has a trio of “fabulous professionals” featured in this chapter. Carlos Aiza is widely recognised as “one of the best real estate financing lawyers in Mexico”………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Twelve consecutive months of negative capital movement in the UK means property values, at the headline level, have fallen by a cumulative -3.5% since November 2011, according to the IPD UK Monthly Property Index.
Despite the falling values, caused by uncertainty amongst investors and occupiers alike, total returns have remained positive each month, backed by an income return which has not fallen below 0.5% per month. A separate IPD report says commercial property values for the UK, at the headline level, remain 32% below their pre-recession peak………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Property sales are ’set to rise’ but there will be no value boom for the housing market. Housing market activity is gathering pace as would-be buyers look to grab a winter deal amid an improved mood of confidence, surveyors said.
But despite an expected pickup in sales in the coming months, prices are likely to remain flat, the Royal Institution of Chartered Surveyors (RICS) said in its housing market survey for November………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

According to someone from a leading international firm of estate agents I was sat next to at dinner the other night, around 60pc of all new build apartments in London these days are sold to foreigners for investment purposes – mainly, south east Asians.
It is surely a good thing in some respects that London is considered to be such an attractive investment option for rich overseas nationals – actually maybe not so rich any longer; demand for a London pad has spread from the rarified ranks of the world’s super rich to those of only modest wealth………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Where can you build the world’s biggest mall? How about digging a canal running from the sea under an already built highway? Would it be possible to construct a giant theme park with five different theme parks inside it? It can happen in Dubai.
In years past, the United Arab Emirates’ metropolis made a name for itself by planning projects that seemed to be concocted from sheer flights of fancy — towers that would revolve, an underwater hotel, a suburb replete with mechanized dinosaurs. Some actually came to fruition, such as the Burj Khalifa, the world’s tallest freestanding tower, and the man-made Palm Jumeirah island. But most vanished like desert mirages in 2009, when Dubai’s debt standstill announcement caused economic shockwaves worldwide………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Residential rents and property prices in Dubai’s prime locations have risen on an average of 17 and 16 per cent, respectively, in the past one year (December 2011 to November 2012), according to CB Richard Ellis (CBRE).
“Dubai is seeing higher rental growth this year due to a sustained period of population growth, positive economic performance, increased occupier demand, and limited availability of quality units in the most desirable locations,” says Matthew Green, Head of Research & Consultancy UAE, CBRE Middle East………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Demand for real estate in the Asia- Pacific region will increase next year as economies get stronger and institutional investors diversify their portfolios, LaSalle Investment Management Inc. said.
Bolstered by low interest rates and fiscal measures, economic growth may strengthen next year in Asia and lead to a gradual pick-up in investment decisions, LaSalle said. Real estate values may be boosted by an abrupt economic recovery in China, according to the investment management company, which has $47 billion assets under management………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

The sight of a construction crane looming on the horizon has become ubiquitous in most large cities across India – and may become even more so in the near future. The introduction of large foreign retailers like Wal-Mart into the country is eagerly awaited by many industrialists, particularly in the real estate sector, where builders and developers hope to benefit from an increased demand for retail spaces.
Commercial real estate prices in India have already risen sharply in big cities in recent years, and there is a dearth of quality retail spaces available for rent, so analysts expect a boom in construction if foreign multibrand retailers enter the market………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Outlook for Indian property markets has turned cautious and cities like Mumbai, Bangalore and Delhi are likely to witness less appetite for real estate investment by international entities, showed a report by PricewaterhouseCoopers and Urban Land Institute.
Mumbai, Bangalore and Delhi have slipped sharply to the 19th, 20th and 21st positions respectively in the list of top 22 investment destinations covered in this report Emerging Trends in Real Estate Asia Pacific 2013. In the previous report of 2012, these cities were placed at 10th, 15th and 12th rank respectively………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Singapore topped Hong Kong as the most desired place in Asia for so-called mobile millionaires to reside, with quality of life cited as the main attraction, a RBC Wealth Management survey showed.
Almost a third of the millionaires in Asia who live, work or spend more than half their time outside their countries of origin prefer Singapore, while 24 per cent pick Hong Kong, the second most popular in the region, RBC and The Economist Intelligence Unit said in a joint report………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Real estate market in Vietnam at a standstill after three years of over exuberance. Prices are at rock-bottom but so is buyers’ confidence. No area in Vietnam feels economic pain more acutely than the real estate sector, where housing prices have declined to “dream” levels but buyers still shake their heads because they have lost confidence.
Vietnam’s property market slowed to a halt in late 2008 because of the global economic crisis but improved at the end of the following year thanks to the government’s US$8-billion stimulus package. The sector slowed again in mid-2011 and remains frozen due to skyrocketing lending interest rates that have reached 18-20% per year and low demand and purchasing power………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

Australian property prices are tipped to rise in 2013 as increased affordability and interest rate cuts encourage buyers into the market. A real estate study released today showed a slight dip in national property prices in the three months to the end of September, but they were unchanged over the year.
The Bendigo Bank/Real Estate Institute of Australia real estate market report showed the weighted average median house price for capital cities fell 0.6 per cent in the September quarter, compared to the June quarter.However the average price for other dwellings, including as apartments, rose 1.2 per cent in the September quarter………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

House prices hit a new high in November, climbing 1.5% above the previous peak in 2007. QV’s latest monthly index shows property values rose nearly 2% in the last three months, and almost 6% over the past year.
The increase was driven by demand outstripping supply in Auckland and Canterbury though QV says there are signs of a slowdown, even in parts of Auckland. The market remains subdued outside Auckland and Canterbury, with buyers cautious and few quality properties for sale………………………………………..Full Article: Source

Posted on 12 December 2012 by Laxman |  Email |Print

There is renewed buoyancy in the South Canterbury housing market, the latest real estate figures show. More properties are selling faster and for a higher value. And it seems the boom is set to continue. There were 76 properties sold in Timaru in November at a median value of $239,000 - $13,000 up on the previous month.
The properties took an average of 29 days to sell, according to the Institute of New Zealand’s (Reinz) November figures. A further 45 properties in South Canterbury sold at a median value of $215,000 - the same value as the previous month. The properties took 58 days to sell………………………………………..Full Article: Source

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